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Strategies & Market Trends : Humble1 and Swing Trading Friends -- Ignore unavailable to you. Want to Upgrade?

To: humble1 who wrote (24458)

10/4/2016 5:53:58 AM

From: John Pitera

Read Replies (1) | Respond to of 41020

The pound continues the breakdown it started Sunday night....... excessive volatility if it were to develop more broadly in several of the other major currencies would be a headwind for the Equities.

right now British exporters are loving the depreciation of pound.

To: John P who wrote (18410)	10/3/2016 4:18:09 AM
From: John P	of 18414

he GBP/USD breaks down decisively through it's post Brexit descending triangle.... this is building on the theme I noted here on Friday that the Prime Minister and the Government has no real clue as to how to extricate the UK from the EU. and now the market shall exact it's fee and push cable ( the pound) lower as the actions that the UK have taken are not pro business. as we can see on the hourly chart of the GBP/USD............ the next wave of consternation and uncertainty is unfolding on Schedule. the descending bearish triangle is in my top 3 types of patterns that I like to trade. Horizontal bottom with lower and lower highs as the longs become increasingly motivated to get out of their longs.. which are underwater... this descending bearish triangle shows up in bear markets on the way down........ .... JP massive fall in the pound which was at 1.50 back when the Brexit vote occurred could have some adverse impacts on several of the global banks, especially watch RBS, Lloyd's, Barclay's HSBC.... and it's the counterparty risk that is the murky unknown. The real negative fall out potential of this is no one talks about it, but this could be the start of several of the other stronger members of the EU currency look to get out of the currency..... the break up of the EUR currency would be a very chaotic jumble global markets.